Gold Declines on Week While Silver, Platinum and Palladium Soar

May 23, 20200

Gold prices slipped 1.2% this week

Precious metals bounced Friday from their significant losses on Thursday, aside from palladium which sank for a second day but rallied overall on the week. Silver and platinum also jumped on the week. Gold, however, registered a weekly decline.

Gold for June delivery on Friday rose $13.60, or 0.8%, to settle at $1,735.50 an ounce on the Comex division of the New York Mercantile Exchange.

“Ten out of 17 Wall Street voters, or 59%, said they are bullish for the week ahead. There were five voters, or 29%, calling for lower prices. Two respondents, or 12%, were neutral.

Meanwhile, 1,809 votes were cast in an online Main Street poll. A total of 1,038 voters, or 57%, looked for gold to rise in the next week. Another 467, or 26%, said lower, while 304, or 17%, were neutral.”

Elsewhere, silver for July delivery tacked on 32.9 cents, or 1.9%, to close at $17.693 an ounce. Silver futures traded 3.7% higher this week following gains of 8.2% last week and 5.6% for the week ended May 8. They are 1.3% lower on the year.

In other precious metals futures on Friday and for the week:

July platinum gained $19.80, or 2.3%, to end at $886.30 an ounce, for a 8.5% weekly increase.

Palladium for June delivery tumbled $85.20, or 4.1%, to finish at $1,977.10 an ounce, but still logged a 6.4% gain on the week.

The two are divided on the year so far with platinum 9.4% lower and palladium 3.6% higher.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)

Friday

Last Week

This Week

April

May

2020 Sales

$50 American Eagle 1 Oz Gold Coin

0

0

1,500

105,000

3,500

283,000

$25 American Eagle 1/2 Oz Gold Coin

0

0

0

0

5,000

38,000

$10 American Eagle 1/4 Oz Gold Coin

0

0

0

0

10,000

50,000

$5 American Eagle 1/10 Oz Gold Coin

0

0

0

0

0

175,000

$50 American Buffalo 1 Oz Gold Coin

0

0

1,500

28,500

1,500

117,500

$1 American Eagle 1 Oz Silver Coin

0

0

490,000

750,000

490,000

11,218,500

$1 American Eagle 1 Oz Platinum Coin

0

0

0

1,500

0

56,500

In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.